18th Jan 2007. Mincom Limited, a global software and services provider to asset intensive industries, and Francisco Partners, a leading global technology-focused private equity firm, today announced that they had entered into an Implementation Agreement under which Mincom, subject to customary closing conditions, will be acquired by Francisco Partners in an all cash transaction valued at A$315 million. Francisco Partners proposes to acquire all shares and share options in Mincom via a scheme of arrangement that sees Mincom’s shareholders receiving A$8.77 in cash per share and option holders receiving A$8.76 in cash per option.
“This transaction is exciting news for all of our shareholders, many of whom are current or past employees, allowing them to realise the value of their investment at a substantial premium to the most recently traded share price for Mincom. The board unanimously supports this transaction and recommends that shareholders vote in favour of the acquisition,” said Bob Savage, Chairman of Mincom.
“This acquisition represents strong endorsement of our strategy, market leadership and management team,” said Richard Mathews, Chief Executive Officer of Mincom.
“We are pleased to be working with Francisco Partners who have exceptional knowledge and expertise in the global technology marketplace. This investment will enable Mincom to pursue an aggressive growth strategy and reaffirms Mincom’s commitment to providing its customers and partners with market leading products.”
“While this will be the end of an era for many of the shareholders, it will be business as usual for the day-to-day operations of Mincom. No changes to the management team, company name, head office location, or product strategy are anticipated, nor will there be any impact on our customers. We certainly look forward to working with Francisco Partners and utilising their experience and financial strength to execute on our strategic vision,” Mr Mathews said.
“We are long-term investors in global technology companies who have, and are committed to maintaining, leadership in their markets,” said Andrew Gray, Managing Director, of Francisco Partners.
“We have been impressed with Mincom’s products, client base and management team, all of which have contributed to building one of the most formidable Enterprise Asset Management companies in the world. We are excited by this opportunity to partner strategically with the management team and continue building on the success of the business,” Mr Gray said.
The Board of Mincom has unanimously recommended that shareholders vote in favour of the acquisition in the absence of a superior proposal. The transaction is expected to close within the next 90 days.
Mincom was advised by the Caliburn Partnership and McCullough Robertson. Francisco Partners was advised by UBS and Allens Arthur Robinson.
About Mincom Limited
Mincom Limited is an international company based in Brisbane, Australia, with more than 25 years’ experience in providing business solutions to asset intensive industries such as mining, utilities, transport, defence and government in more than 40 countries. The company has more than 1,200 staff in 18 offices across Australia, North America, South America, South East Asia, Africa, and Europe. For more information about Mincom, visit: www.mincom.com.
About Francisco Partners
With approximately $5 billion of capital under management, Francisco Partners (“FP”) is one of the world’s largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies at strategic, technological, and operational inflection points. FP pursues investment opportunities where domain knowledge, strategic insight and long-term focus generate a differentiated view of investment value and drives superior investment returns. FP makes majority and minority investments in private companies, public companies, and divisions of public companies. With offices in Menlo Park, California and London, England, the principals of Francisco Partners have a proven track record, having invested in excess of $3.0 billion of equity capital in over 25 technology companies. For additional information, visit www.franciscopartners.com.